MISA: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MISA
Largest movements
- Tangible fixed assets -€32,241
down €32,241 (-6.2%), from €522,399 to €490,158
of which Plant, machinery and equipment: -€17,208
- Debts after one year -€33,941
down €33,941 (-18.4%), from €184,245 to €150,305
- Gross operating margin +€24,673
up €24,673 (+28.5%), from €86,419 to €111,092
- Taxes +€6,305
up €6,305 (+64.8%), from €9,726 to €16,032
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €571,857 | €536,577 | -€35,280 | -6.2% |
| Fixed assets | 21/28 | €558,641 | €525,018 | -€33,623 | -6.0% |
| Intangible fixed assets | 21 | €36,242 | €34,860 | -€1,382 | -3.8% |
| Tangible fixed assets | 22/27 | €522,399 | €490,158 | -€32,241 | -6.2% |
| Land and buildings | 22 | €446,356 | €431,324 | -€15,032 | -3.4% |
| Plant, machinery and equipment | 23 | €76,043 | €58,834 | -€17,208 | -22.6% |
| Current assets | 29/58 | €13,216 | €11,559 | -€1,657 | -12.5% |
| Amounts receivable within one year | 40/41 | €6,273 | €5,268 | -€1,004 | -16.0% |
| Trade receivables | 40 | €3,736 | €3,995 | +€259 | +6.9% |
| Other amounts receivable | 41 | €2,536 | €1,274 | -€1,263 | -49.8% |
| Cash at bank and in hand | 54/58 | €5,878 | €5,352 | -€526 | -9.0% |
| Deferred charges and accrued income | 490/1 | €1,065 | €939 | -€126 | -11.8% |
| Total equity and liabilities | 10/49 | €571,857 | €536,577 | -€35,280 | -6.2% |
| Equity | 10/15 | €150,085 | €150,000 | -€85 | -0.1% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €85 | €0 | -€85 | -100.0% |
| Amounts payable | 17/49 | €421,772 | €386,577 | -€35,195 | -8.3% |
| Amounts payable after more than one year | 17 | €184,245 | €150,305 | -€33,941 | -18.4% |
| Financial debts | 170/4 | €184,245 | €150,305 | -€33,941 | -18.4% |
| Amounts payable within one year | 42/48 | €236,774 | €235,520 | -€1,254 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €33,415 | €33,941 | +€525 | +1.6% |
| Trade debts | 44 | €459 | €1,375 | +€916 | +199.6% |
| Suppliers | 440/4 | €459 | €1,375 | +€916 | +199.6% |
| Taxes, remuneration and social security | 45 | - | €2,532 | +€2,532 | |
| Taxes | 450/3 | - | €2,532 | +€2,532 | |
| Other amounts payable | 47/48 | €202,900 | €197,673 | -€5,227 | -2.6% |
| Accrued charges and deferred income | 492/3 | €752 | €752 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,598 | €33,623 | +€25 | +0.1% |
| Other operating charges | 640/8 | €5,801 | €5,980 | +€179 | +3.1% |
| Gross operating margin | 9900 | €86,419 | €111,092 | +€24,673 | +28.5% |
| Operating profit (loss) | 9901 | €47,021 | €71,489 | +€24,468 | +52.0% |
| Financial charges | 65/66B | €8,372 | €7,870 | -€502 | -6.0% |
| Recurring financial charges | 65 | €8,372 | €7,870 | -€502 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €38,649 | €63,619 | +€24,971 | +64.6% |
| Income taxes | 67/77 | €9,726 | €16,032 | +€6,305 | +64.8% |
| Profit (loss) for the period | 9904 | €28,922 | €47,588 | +€18,665 | +64.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,922 | €47,588 | +€18,665 | +64.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.